Spain: Sacyr and Pemex Renegotiating Repsol Pact
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Monday, 31 October 2011 |
Spanish building firm Sacyr and Petroleos Mexicanos (Pemex) will renew their pact to pool voting rights in Repsol, according to regulatory filings from the companies. The firms, which together own 29.6%, pooled their strength in August to seek changes to Repsol’s management and strategy, but the sacking of Sacyr Chairman Luis Del Rivero threw the alliance into doubt. Several news outlets subsequently reported that Sacyr would instead adopt a more conciliatory approach to the Spanish oil major.
The companies will remove a clause in their agreement which prohibits both parties and their board members from purchasing further stock in Repsol. The intention of the clause is to prevent the companies’ joint holdings in Repsol topping 30%, which would force them to make a full takeover offer. Instead, the companies have notified directors of the prohibition, the filings said.
PetrolWorld 31102011
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